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An aerial view of completed and under-construction new homes at a site in Trappe, Maryland, on Oct. 28.JIM WATSON/AFP/Getty Images

Optimism over falling inflation is pulling down bond yields, leading to falling fixed mortgage rates in all terms except the one-year fixed.

Amid higher demand for one-year terms and expectations for a rising overnight rate, the lowest nationally advertised one-year fixed actually climbed this week, by 20 bps to 5.69 per cent.

For default insured fixed mortgages, the picture looks better: 4.99 per cent or less for one to five-year terms. As always, check the rate sites online for better regional offers.

Variable rates didn’t move this week. They will remain steady until the central bank presumably increases interest rates again on Dec. 7 and pushes some borrowers closer to their trigger rate.

The lowest-cost widely advertised HELOC still comes from HSBC at 5.95 per cent.

As of Thursday Nov. 24, these are the lowest nationally available mortgage rates in Canada, from providers that advertise rates online and lend in at least nine provinces.

Lowest nationally available mortgage rates

TERMUNINSUREDPROVIDERINSUREDPROVIDER
1-year fixed5.89%Alterna Bank4.99%Quest Mortgage
2-year fixed5.54%HSBC4.99%Quest Mortgage
3-year fixed5.44%HSBC4.92%Nesto
4-year fixed5.54%First National4.99%Quest Mortgage
5-year fixed5.29%HSBC4.84%CanWise Financial
10-year fixed5.94%HSBC5.59%Nesto
Variable5.45%Merix Financial4.75%Nesto
5-year hybrid5.42%HSBC5.56%Scotia eHOME
HELOC5.95%HSBCN/AN/A

As of Nov. 24

Insured rates apply to those buying with less than a 20-per-cent down payment, or those switching a pre-existing insured mortgage to a new lender. Uninsured rates apply to refinances and purchases over $1-million and may include applicable lender rate premiums. For providers whose rates vary by province, their highest rate is shown.

Robert McLister is an interest rate analyst, mortgage strategist and editor of MortgageLogic.news. You can follow him on Twitter at @RobMcLister.